Nigeria: U.S. Govt, FCMB Partner to Strengthen Nigeria's Private Health Sector

13 May 2024
Vanguard (Lagos)

At a ceremony held at the First City Monument Bank (FCMB) Headquarters in Lagos, Nigeria, the U.S. Agency for International Development (USAID) Mission Director Melissa Jones affirmed the U.S. government's commitment to strengthen Nigeria's health sector and private sector resilience with a new partnership agreement.

Under the terms of the agreement, USAID and the United States International Development Finance Corporation (DFC) will collaborate with FCMB to facilitate $10 million in new loans.

The new partnership will assist FCMB to expand access to finance for underserved borrowers, underserved borrowers and MSMEs in the health sector in Nigeria, and micro, small and medium-sized enterprises throughout Nigeria.

"I commend the DFC for its commitment to improving local access to quality healthcare. This partnership will help close the gap in healthcare financing. This means more Nigerians will have access to better healthcare facilities.

"First City Monument Bank welcomes the opportunity to collaborate with healthcare providers and SMEs nationwide to build a healthier, more productive future for our nation," said FCMB Managing Director, Mrs Yemisi Edun.

"As demonstrated by this partnership, the United States government is eager to continue collaborating with the financial sector to improve access to credit for underserved borrowers, including micro and small and medium enterprises, in the health sector., and thereby stimulate economic growth," said Mission Director Melissa Jones. "In addition to supporting FCMB's increased lending in the health sector, we are committed to work with FCMB to disburse loans to the agriculture and renewable energy sectors through our existing partnerships."

This partnership is intended to boost the following key areas:

Loans in the Healthcare Sector: Loans will be used to support businesses in the following areas: hospitals, health centres, clinics, diagnostic centres, pharmacies, maternal health facilities, procurement of medical equipment, construction and renovation of health facilities.

Loans to SMEs: The bank's focus will include financial support for working capital, equipment procurement, construction, and restructuring of commercial properties for small and medium sized enterprises.

Read the original article on Vanguard.

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